Last week was the best week for the S&P 500 since November, as inflation came in lower than expected. Beyond that, major banks reported quarterly earnings and many were ahead of analysts’ expectations.
Also last week, I was attending a meeting with some peer advisory firms, and we began comparing our mornings. Most of us had gotten up early and gone to the gym, and we spoke about the investment of time and effort that takes.
Three things contribute to a happy retirement: a strong social life, physical health, and enough money for a comfortable lifestyle. All of these require an investment. As financial planners, our profession is geared towards the financial investment: how much and where to save. But two other investments are just as important.
It takes an investment of not just time, but emotional bandwidth to make and maintain friends. Reaching out and staying connected can be hard when you’re busy with family, work, household chores. Not to mention trying to make new friends when others are just as busy. But think about how many people you regularly interact with outside of work. When you retire, who will you spend time with, interact with, talk with? Friendships are important for a healthy, happy retirement.
Your physical health also requires an investment. Regular medical check-ups and vaccinations for things like shingles and pneumonia as we age. Eating well to keep weight, cholesterol, and other things in check. Plus the time and effort to exercise. As we age, muscle mass declines. I work out because I want to be able to travel in retirement and keep up with my grandchildren. If you lose your mobility, everything in retirement becomes infinitely more difficult.
We all have limited resources. You may remember me talking about deciding on your values and goals so that you can make conscious decisions about how to spend and save your money. Preparing for the financial part of retirement is much easier if you start when you’re young. The same is true for your physical health and social life in retirement. Just like an investment in stocks can yield monetary dividends, investments of time and effort now can pay lifelong dividends for your physical and mental health.
Your action item this week is to reach out to an old friend and catch up on their life.
On Tuesday, our signature education event, Women, Wine & Wisdom, goes co-ed for January with a market update. Check out our website at covingtonalsina.com, or our Facebook page, for more information and to register for this and our other upcoming educational events.
CovingtonAlsina is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.